An efficient Search Tool for an Anti-Money Laundering Application of an Multi-national Bank's Dataset
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Today, money laundering (ML) poses a serious threat not only to financial institutions but also to the nations. This criminal activity is becoming more and more sophisticated and seems to have moved from the clichy of drug trafficking to financing terrorism and surely not forgetting personal gain. Most of the financial institutions internationally have been implementing anti-money laundering solutions (AML) to fight investment fraud activities. In AML, the customer identification is an important task which helps AML experts to monitor customer habits: some being customer domicile, transactions that they are involved in etc. However, simple query tools provided by current DBMS as well as naive approaches in customer searching may produce incorrect and ambiguous results and their processing time is also very high due to the complexity of the database system architecture. In this paper, we present a new approach for identifying customers registered in an investment bank. This approach is developed as a tool that allows AML experts to quickly identify customers who are managed independently across separate databases. It is tested on real-world datasets, which are real and large financial datasets. Some preliminary experimental results show that this new approach is efficient and effective.Keywords:
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Purpose This paper aims to study the role of money laundering in the system of modern crime. Design/methodology/approach The methodology of this research will include the study of quite obvious relationships, which in themselves do not need special substantiation today, namely, money laundering and terrorism; money laundering and corruption; money laundering and organized crime. Findings The following methods are used in the research process: studying the sentences of the courts of the Russian Federation related to the conviction of persons for money laundering; analysis of national judicial statistics and statistics of international organizations related to money laundering; a survey of 96 experts (law enforcement officers, scientists specializing in the study of combating money laundering, government officials whose powers include activities to combat money laundering and the financing of terrorism). Originality/value Based on the results of the study, a number of conclusions were made. In particular, at present, in view of the built-up effective system of measures to control the income received as a result of certain types of criminal activity (corruption crime, organized crime, economic crime), money laundering has taken a leading role in the structure of modern crime.
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Purpose – The purpose of this paper is to develop a theoretical model to study the impact of corruption on money laundering.
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Purpose The purpose of this paper is to provide an overview and discuss the development of the UK and international measures against money laundering. Design/methodology/approach This paper examines the anti‐money laundering measures and the activities of regulatory and professional bodies both domestically and internationally. Findings Despite the enormous efforts and co‐operation by the governments, law enforcement agencies, professional bodies and private financial institutions, money laundering and terrorist financing remain as threatening issues. There is also the concern that stricter regulation will only add burden on the financial industry. Originality/value This paper examines the development of different measures against money laundering and thereby provides assistance to policy makers in the formulation and implementation of effective anti‐money laundering mechanisms.
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This article considers the UK implementation of the Fifth Money Laundering Directive. It examines the key changes introduced by the new Directive and their impact on the UK anti-money laundering regime. Given the evolving nature of threats relating to money laundering and the latest technological developments, this article argues that the UK has decided to go beyond the EU minimum requirements. The article outlines the concept of money laundering and the UK legal framework of anti-money laundering, before assessing the main changes and their effects on the UK anti-money laundering regime. Fifth Money Laundering Directive, UK anti-money laundering regime
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This paper explores some of the key issues in contemporary money laundering trends in Southern Africa. Twelve of the fourteen SADC countries have committed themselves to take effective measures against money laundering through the Eastern and Southern Africa Anti-Money Laundering Group. The paper considers the extent to which money laundering has been criminalised. It examines the main activities from which proceeds for laundering are derived, such as drug trafficking, corruption, human trafficking and fraud. It also explains the close connection between money laundering and alternative fund remittance systems typified by the hawala system. The paper examines two approaches to law enforcement prevailing in the region and suggests that effective combating of money laundering requires an integrated approach. It concludes with a prognosis for medium-term money laundering control in Southern Africa, looking at what all countries in the region must do to curb it and at some of the obstacles to achieving a uniform position.
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Money Laundering-Methods, Risks, and Consequences Offshore Financial Havens and Money Laundering The Evolution of Money Laundering Control - A Historical Examination of Regional and International Initiatives Making Crime a Non-Profit Activity - Confiscation and Forfeiture Criminal Liability for Money Laundering The Civil Law Dimension The Prevention and Detection of Money Laundering International Co-operation The Long Arm of American Anti-Money Laundering Laws The Impact of Name-Calling on the Future of Caribbean Money Laundering Control.
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At present money laundering is operated in hiden numerous ways,has already permeated to each field of the world.The situation of money-laundering is not optimistic in our country.In recent years,some efforts have been done against money-laundering,and has achieved effectiveness.But the anti-money laundering work started late in our country,the correlative laws were not perfect,the anti-money laundering measures need improving.Staff should also be trained.Financial supervision should be further defined.So as to improve anti-money laundering mechanism to adapt to the development of new anti-money laundering requirements.
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Money laundering refers to the conversion or "laundering" of money which is illegally obtained, so as to make it appear to originate from a legitimate source. Money laundering is being employed by launderer’s worldwide to conceal criminal activity associated with it such as drugs/arms trafficking, terrorism, extortion and reason for various other heinous crimes. But in simple term, it is the conversion of black money into white money. The research inevitably to explain the paper to context that any instance of money laundering would have an angle of international degree, as money laundering typically involves transferring money through several countries in order to obscure its origin. Further the research has divided into four parts; first part deals with the jurisdictional issue arise during transnational money laundering. Second part deals with the intention of Parliament of India meant to target “proceeds of criminal conduct” then and now in the money laundering and its related offenses. Third part elaborates international development through different instruments and controlling mechanisms to deal with this problem and analyse the position of India in controlling money laundering. Fourth part discusses various problems and loopholes in implementation of anti-money laundering laws. Finally, the research concludes with few suggestions to have better anti-money laundering regime.
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Money laundering presents a new trend with the financial tools updated and finance globalized. In these years,money laundering has become more and more internationalized and done more harm than before in many fields.The international anti-money-laundering laws are,hence,constantly amended and improved. Our country also needs to make our laws adapted to this trend so that we can better prevent and strike money-laundering.
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Purpose Money laundering poses significant challenges for policymakers and law-enforcement authorities. The money-laundering phenomenon is often acknowledged as a type of “serious and organised crime” yet has traditionally been described as a complicated three-stage process, involving the “placement, layering and integration” of criminal proceeds. This article aims to reexamine the money-laundering concept within the realm of organised crime and critique its legal underpinnings. Design/methodology/approach This paper explores how criminal actors collude in organised money-laundering schemes to circumvent laws and frustrate the efforts of officials, while advancing the regulatory-spatial paradigms of which organised money launderers operate. In doing so, it reframes the debate towards the “who” and “where” of money laundering. Findings This paper argues that authorities’ efforts to combat money laundering relies on rigid legal definitions and flawed ideals that fail to address the money-laundering problem. Originality/value There has been little scholarly debate that questions the fundamental approach to conceptualising money laundering. This paper proposes a new approach to combating money laundering that better incorporates the actors involved in money laundering and the spaces in which it occurs.
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